Top Europe steel distributor sold to New York equity fund
Dec 21, 2004 | 04:00 AM
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The sale of Europe's largest independent steel distributor, Klöckner & Co. AG, to New York-based equity fund Lindsay Goldberg & Bessemer LP (LGB) should be a "happy one" for Klöckner's top management and workers, service center sources in Europe said Monday.
"Unless a major Russian steel company or another (independent trading house such as) Balli was going to step in, LGB is the best option because, at least in the short term, it means Klöckner will not be split up," one distribution executive said. "With any other solution there would have been a split" to comply with Europe's monopoly....
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